Then while building the solution, i got the following error:
the assembly 'CrystalDecisions.shared/Web/Engine, Version=10.2.3600.0, Culture=neutral, PublicKeyToken=692fbea5521e1304' could not be loaded
Finally i managed to fix it by doing the following things:
1) Install the crystal runtime package that can be found on your local computer (I believe it is installed with visual studio 2008). It is located in:
\Program Files\Microsoft SDKs\Windows\v6.0A\Bootstrapper\Packages\CrystalReports10_5
Select the appropriate package for your machine.
2) Modify web.config with all crystalreport assemblies so that it will be of new version eg:
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3) Build solution. Now the solution successfully builds up !!!